A property manager attends to the management of a property on behalf of an owner.
They complete a wide range of duties, such as advertising properties, conducting inspections, selecting tenants, and collecting rent.
They may manage a wide variety of buildings, from residential homes to large office complexes.
To become a property manager, you’ll need excellent interpersonal skills.
As the line of communication between a landlord and tenant, you will be called on often to negotiate, and not to let hostile situations escalate.
You’ll also need to have a good attention to detail, and be able to discover maintenance issues on property inspections.
Property managers also complete administrative tasks, so computer literacy and math skills are important.
Education Requirements to Become a Property Manager
If you’re still in high school, taking courses in math and English will be of help if you would like to become a property manager.
Completing some work experience with a real estate agent is also a good idea.
Many agencies need weekend receptionists, so this could be a good part-time job to consider.
Many property managers learn on the job.
They usually have some prior experience in management or customer service.
Working as an assistant, they will learn the ropes from an experienced property manager.
There are also many educational pathways you can take to become a property manager.
You can take a short course online, or attend community college to learn the skills needed to work in property management.
Another option is to complete a four-year bachelor degree in business administration or real estate.
This will provide the most opportunity for career advancement later on.
Property Manager Job Description
A property manager provides a service to a landlord, by managing the affairs of their property in their absence.
This includes advertising and finding tenants for the property, collecting rent, organizing repairs and maintenance, and generally making sure the property is kept in good condition.
Many property managers look after residential homes while others manage offices, factories, or even shopping centers.
A property manager also looks after many administrative tasks.
For instance, they must collect rent and forward it to an owner’s account.
They maintain their own database of clients, pay out invoices to maintenance services, and keep thorough records on all of the properties they manage.
Here are some of the tasks of a property manager:
- Advertising and promoting a property
- Taking perspective tenants on inspections
- Processing tenant applications
- Preparing leases and contracts
- Arranging maintenance for a property
- Arranging services like gardening and security for a property
- Collecting rent
- Following up on late payments
- Processing invoices
- Communicating with landlords and tenants
- Handling disputes
- Appearing at tribunal hearings
Some property managers who look after large sites like apartment buildings will get an apartment to live in rent-free as part of their arrangement.
Others get bonuses like a company vehicle.
Property Manager Salary and Career Path
Most property managers will start out their career as an assistant.
Many also work in similar roles in customer service or administration, then make the transfer across to property management.
Some work in other sectors of real estate or property, often becoming real estate agents.
A property manager may begin as an assistant, then be promoted to a full property manager.
They may also become department head or supervisors.
46% of all property managers are self-employed.
Some will go on to other careers in related areas.
These might include:
- Real Estate Agent
- Customer Service Officer
- Administrative Assistant
- Community Association Manager
The average salary for a property manager is $46,000 a year.
Those in entry level positions could expect to earn closer to $30,000 a year.
The top property managers earn over $68,000 a year.
When you become a property manager, you can look forward to a varied career.
It offers a good combination of administration and customer service, and also allows you to spend time out of the office.
Property management is a good option for those looking for a career that is versatile, as well as providing further opportunities to other jobs later on.